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Telefonica (Baa3/BBB-/BBB) Q1 Headline Results In Line Though FCF/Leverage Slightly Worse

COMMUNICATIONS
  • Q1 revenue was slightly ahead of consensus at +0.7% YoY while EBITDA was +1.9% YoY and EBITDA less CapEx was -3.4% YoY.
  • Spanish market saw service revenue +1.2% and EBITDA +0.2% though was again the main reason for the group EBITDAal less CapEx weakness, reporting a -7.5% YoY decline; EBITDAal -3.5% on 5G site requirements and CapEx +4.8% on the 5G/fibre rollout.
  • FCF was a negative EUR 41mn; seems mainly driven by a EUR 76mn YoY increase in working capital (described as seasonal) and advanced tax payments in Germany and Colombia.
  • EBITDAal leverage increased from 2.6x at Q423 to 2.71x on a EUR 1.1bn increase in debt, mainly driven by the acquisition of T. Deutschland shares. Decline expected after.
  • Non-binding MoU signed with DIGI for a LT mobile agreement; to be concluded in coming weeks (sounds like an extension/renegotiation of deal already in place)
  • FY guidance and dividend plan confirmed. EUR spreads muted so far.
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